The Labor Department reported Friday that the U.S. economy added 273,000 new jobs during the month, while the unemployment rate was 3.5%, matching its lowest level in more than 50 years.
"While it's too early to see the impact of the coronavirus on the labor market, we can say the labor market was in a good place before the virus began to spread," said Nick Bunker, economic research director at job placement firm Indeed.
The jobs numbers took on particular importance in February as worries intensified over the economic impact from the novel coronavirus, though the report covered the time frame before worries over the disease's spread intensified.
Job placement firm Challenger, Gray & Christmas also reported Thursday that planned layoffs actually fell 16% from January.
"Now more than ever, we need to focus on the labor market data," said Liz Ann Sonders, chief investment strategist at Charles Schwab.
Most of the consumer-related data points have been good, though the reports coming in now largely cover the early stages of the coronavirus scare and the sharp recent stock market volatility.
"If we start to handle things the way they're handled in Italy and South Korea, closing schools and having mandated cancellations of travel and sporting events, I think there's no way we don't start to see it in the labor market and in consumer confidence and spending," Sonders said.
https://www.cnbc.com/2020/03/06/us-jobs-report-february-2020.html
"While it's too early to see the impact of the coronavirus on the labor market, we can say the labor market was in a good place before the virus began to spread," said Nick Bunker, economic research director at job placement firm Indeed.
The jobs numbers took on particular importance in February as worries intensified over the economic impact from the novel coronavirus, though the report covered the time frame before worries over the disease's spread intensified.
Job placement firm Challenger, Gray & Christmas also reported Thursday that planned layoffs actually fell 16% from January.
"Now more than ever, we need to focus on the labor market data," said Liz Ann Sonders, chief investment strategist at Charles Schwab.
Most of the consumer-related data points have been good, though the reports coming in now largely cover the early stages of the coronavirus scare and the sharp recent stock market volatility.
"If we start to handle things the way they're handled in Italy and South Korea, closing schools and having mandated cancellations of travel and sporting events, I think there's no way we don't start to see it in the labor market and in consumer confidence and spending," Sonders said.
https://www.cnbc.com/2020/03/06/us-jobs-report-february-2020.html
No comments:
Post a Comment